Why are cryptocurrencies still so exciting for traders?

Transcript

Libertex is a multinational CFD and cryptocurrency broker. Its comprehensive investment platform offers 213 tradable assets to 2.2 million clients across 40 countries, and has won over 30 international awards. Marios Chailis, Chief Marketing Officer for Libertex Group, explains why cryptocurrencies are still such an exciting asset for online traders, their potential future outside of the trading space, and why due diligence is still absolutely vital. You can also watch the other half of this interview, where he discusses Libertex’s more traditional CFD and forex offering.

World Finance: You’ve described crypto as one of the best opportunities for traders in recent years; why is it still so exciting?

Marios Chailis: I think it’s a ground-breaking new technology that has seen tremendous interest worldwide. This has led to excitement among traders that haven’t seen anything like that in their lifetime.

I think we can all agree that it’s something that came out of nowhere, and over a very short period of time was absolutely everywhere – and a very hot topic being discussed among everyday people.

We saw that hype coming into its peak during the crypto hype of a couple of years ago; but since then, the interest has remained very high. That period of time, you know, there was, we need to understand that it’s still in its infancy. And we haven’t seen a lot of the applications that people might have hoped to see in a very short period of time. But we feel over the next few years, as long as technology companies and financial service companies continue to invest into research and development, on blockchain and crypto, very exciting things are going to come, and that’s where we’re going to see the real realisation of this vision of blockchain and cryptocurrencies.

World Finance: The crypto ecosystem is evolving beyond simple trading or peer to peer transfers with more business exploring using crypto as a payment method; tell me more.

Marios Chailis: I mean, 100 percent! We anticipate that eventually – and again, without wanting to put extra hype on this! – once the technology is mature enough, and a lot of companies invest into it, we see this becoming… I wouldn’t say a complete replacement of fiat currency, but definitely a much more advanced and popular payment method.

We see all these kind of companies already developing products that are relevant to this. I think the only remaining barrier is getting peoples’ trust and adoption worldwide. But especially in emerging markets, where you don’t have the traditional financial systems and payment systems and banking systems, cryptocurrencies and blockchain technology’s definitely going to be a differentiator, and something that we are going to see adopted very quickly.

World Finance: You raise a very important point of trust, because during the hype that you mentioned, we saw a number of ICOs that were not exactly… trustworthy at all!

Marios Chailis: 100 percent. So, that’s why I mentioned something that’s going to happen over a long period of time. When something, you know, is buzzed and a lot of people are talking about it, unfortunately scammers or untrustworthy individuals will try and profit from it.

What I would advise traders is to adopt a more cautious approach. Actually not even just traders, every person who’s interested in blockchain or crypto. Just do their due diligence, read up on the companies that they’re considering to partner with or to work with, and make sure that they work with long established, trustworthy companies, with the right people, and the technology that they claim they have.

I think that’s the main thing, and, you know, time will tell which of these companies will change the world!

World Finance: Marios, thank you very much.

Marios Chailis: Thank you.